Sky-mobi Announces Extension of Existing Share Repurchase Program

Sky-mobi Announces Extension of Existing Share Repurchase Program

HANGZHOU, China, Sept. 17, 2013 (GLOBE NEWSWIRE) -- Sky-mobi Limited
("Sky-mobi" or the "Company") (Nasdaq:MOBI), a leading mobile application
store and mobile social network community operator in China, today announced
that its board of directors has approved a twelve-month extension for its
previously announced share repurchase program through August 11, 2014.

Upon such extension, Sky-mobi is authorized, but not obligated, to continue to
repurchase, up to the remaining balance of the US$10 million, its American
Depositary Shares, or ADSs from time to time, in both open market and
privately negotiated transactions at the discretion of the Company's
management and in compliance with applicable legal requirements. The timing
and actual number of sharespurchased will depend on a variety of factors such
as price, corporate and regulatory requirements, and other prevailing market
conditions. To date, the Company has repurchased a total of 2,930,482 ADSs,
representing 23,443,856 common shares, for aggregate consideration of
approximately US$6,741,364 (including commissions) under the existing share
repurchase program.

Michael Tao Song, Chairman and Chief Executive Officer of Sky-mobi, stated,
"Our decision to extend our share repurchase program reiterates our commitment
to maximizing shareholder value while reflecting our steadfast confidence in
Sky-mobi's strategy and long-term growth potential.As we continue to make
solid progress in growing our smartphone business, we believe that the
extension of the share repurchase program is in the best interests of our
Company and the shareholders."

About Sky-mobi Limited

Sky-mobi Limited operates the leading mobile application store in China based
on number of user visits, downloads and handset manufacture partners. The
Company works with handset companies to pre-install its Maopao mobile
application store on handsets and with content providers to provide users with
applications and content titles. Users of its Maopao store can browse,
download, and enjoy a range of applications and content, such as single-player
games, mobile music, and books. The Company's Maopao store enables mobile
applications and content to be downloaded and run on various mobile handsets
with different hardware and operating system configurations. The Company also
operates a mobile social network community in China, the Maopao Community,
where it offers mobile social games, as well as applications and content with
social network functions to its registered members. The Company is based in
Hangzhou, the People's Republic of China. For more information, please visit:
www.sky-mobi.com.

CONTACT: Investor Relations Contact:
         ICR, Inc.
         Mr. Jeremy Peruski
         Phone: + (1) (646) -915-1615 (US)
         Email: investor.relations@sky-mobi.com

Sky-mobi Limited Logo
 
Press spacebar to pause and continue. Press esc to stop.